The Higher Regional Court of Frankfurt decides on non-competition clauses to the detriment of minority shareholders (Minderheitsgesellschafter)

On 17 March 2009, the German Higher Regional Court of Frankfurt decided on the compatibility with competition law of non-competition clauses to the detriment of minority shareholders [1]. The question at stake was whether a non-competition clause to the detriment of a minority shareholder generally was prohibited by Sec. 1 of the German Act against Restraints on Competition (ARC). In addition, the court had to decide whether a revocable power of attorney to exercise the voting rights on behalf of another minority shareholder led to a statutory non-competition clause analogous to Sec. 112 of the German Commercial Code (ComC). Facts The appellate proceedings at hand arose from an injunction granted by the Regional Court of Frankfurt (later confirmed by judgement of the same court) by

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Auteurs

  • Gleiss Lutz (Munich)
  • Milbank, Tweed, Hadley & McCloy (Munich)

Citation

Petra Linsmeier, Moritz Lichtenegger, The Higher Regional Court of Frankfurt decides on non-competition clauses to the detriment of minority shareholders (Minderheitsgesellschafter), 17 mars 2009, e-Competitions March 2009, Art. N° 26682

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